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Sotheby’s $706 Million Reset

Last night was years in the making for Sotheby’s, which brought Leonard Lauder’s remarkable collection to its Breuer Building debut for the sort of brand-amplifying flex that makes or breaks a fiscal year. It could not have gone better… almost.

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Sotheby's Auction
The Klimts formed the centerpiece of the Lauder collection and accounted for $390 million, or 74 percent of the total. Speculation has already turned toward the potential buyer of the big Klimt. Photo: Courtesy of Alive and Sotheby's
Marion Maneker
November 19, 2025

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I was standing just inches away from David Kownator, the chief financial officer of Sotheby’s, when Gustav Klimt’s orange-and-teal Portrait of Elisabeth Lederer finally sold for a $236 million premium price after 20 minutes of bidding. Sotheby’s had taken a very big bet on the Leonard Lauder estate, which included three Klimts—outbidding its rivals by tens of millions to secure a premier, brand-defining sale for its launch of the Breuer Building.

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